Walker & Dunlop Refinances Nebraska Communities
Walker & Dunlop provided HUD refinancings for two assisted living communities in Nebraska: Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Kevin Giusti and Mikko Erkamaa led the W&D teams in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Opened in 2019 with 71 units of assisted living and memory care, Fallbrook received a $13.3 million loan. Oxbow, which was built more than 16 years ago with 79 AL and MC units in three stories, received a $7.6 million loan. Read More »
PE Firms Trade Texas Community
An institutional private equity group sold an 84-unit assisted living/memory care community in Grapevine, Texas (about 20 miles northwest of Dallas), to another private equity company based on the West Coast, with Evans Senior Investments handling the transaction. The property sold for $25 million, or $298,000 per unit. Built in 2010, Dancing River saw its occupancy drop from 93% to 70% during the pandemic. However, census rebounded to pre-pandemic levels just before marketing began, and the community boasted a 35% margin in early 2022. There is also upside in rent increases, meaning that the operating margin could improve even more. Read More »
Denton Floyd Acquires Nashville-Area Assisted Living Communities
Denton Floyd Real Estate Group, along with operating partner Vitality Senior Services, announced its acquisition of two assisted living/memory care communities in the Nashville, Tennessee area. It was also revealed that Bridge Investment Group was the seller, albeit for an undisclosed price. The PE firm acquired the properties in 2014 and has had several operating partners manage them over the years, most recently Vitality Living (different from Vitality Senior Services). Located in Mt. Juliet and Franklin, the communities combine for 115 units of assisted living and memory care. Both were built around 2010 and experienced a COVID-related decline in operations. However, occupancy and cash... Read More »
Lument Handles Sale & Two Financings
The Lument team pulled double duty for the sale of two assisted living communities in Florida, representing the seller in the deal and arranging acquisition financing on behalf of the buyer. Savannah Court of Lake Wales and Savannah Court of Haines City, which both feature 45 units of assisted living, were acquired by Innovation Senior Living. Both serve Medicaid-waiver residents, and Innovation has plans to add 15 licensed beds to each community, in addition to growing census and investing in renovations. The additional beds will allow the communities to accept more Medicaid waiver residents into double occupancy rooms. Innovation funded the purchase with a single loan in a cross-pool... Read More »
Greystone Secures Two Bank Refinances
Greystone placed a $22.5 million loan with a regional bank to refinance TREEO South Ogden, a 143-unit independent living community in Utah. Tyler Armstrong of Greystone closed the transaction on behalf of Leisure Care. The community was built in 2015 by One Eighty with the help of $3.65 million in mezzanine financing arranged by HJ Sims. The new mortgage comes with a floating rate, five-year term and 30-year amortization. It was structured with one year of interest-only payments and a mid-200s basis point loan spread over SOFR. Mr. Armstrong also placed a $30 million loan with a national bank for LCS to refinance The Delaney at Lake Waco, a 169-unit senior living community in Waco, Texas.... Read More »
The Night Before Christmas 2022
‘Twas the night before Christmas,And all through the community,Not a resident was stirring,As they took all their meds early.The offerings were hung by the chimney with care,In hopes that a PE firm or REIT would still dare,The lenders were nestled all snug in their bed,With visions of term sheets that would not leave them for dead,And Cindy Baier in her kerchief and I with my pen,Had just settled down to discuss, but when?When out on the lawn there arose such a clatter,She sprang from the board room to see what was the matter,Away to the window we flew like a flash,And tore open the shutters to see who brought the cash.The moon on the breast of the new-fallen snow,Gave a lustre of... Read More »Two Tennessee Transactions from Blueprint
Blueprint Healthcare Real Estate Advisors handled the sale of two transactions in Tennessee featuring three total properties. First, a Southeast-based developer/owner/operator acquired two assisted living/memory care communities in the Nashville MSA. Featuring a combined 115 units, split between 89 assisted living and 26 memory care units, the communities were built in 2010 and 2011 and experienced a COVID-related decline in operations. However, occupancy and cash flow had rebounded by the time of the sale, but with still a little improvement in store for a new owner. The communities were previously owned by a private equity firm, which was represented by Brooks Blackmon, Kyle Hallion and... Read More »
Active Adult Development in Texas
Grace Management, Inc, a subsidiary of CPF Living, and Padua Realty Company have announced the groundbreaking of The Lakes at Woodhaven Village, its newest active adult community in Conroe, Texas. The community will complement the existing 171-unit Woodhaven Village Campus which comprises 27 independent living cottages, 60 IL units, 24 memory care units and 60 assisted living units. The 130,000-square-foot community will sit on five acres just north of Houston and is expected to open in spring 2024. Working on this development are developers Padua Realty Company, its affiliated construction company Dorado Builders, Grace Management, Investwell Architects, interior design firm Lizabeth... Read More »
Archway Communities Acquires Affordable Seniors Housing in Colorado
Archway Communities has announced the acquisition of an affordable seniors housing community in Denver, Colorado. Built in 1962, Montview Manor comprises 88 units and stands 12 stories tall for lower income seniors. Montview Building Corporation, an affiliate of the Montview Presbyterian Church, sold the community, recently upgrading some of the units. Financing for this community was provided by the naturally occurring affordable housing preservation (NOAH). Financing for the community included: A first mortgage through Impact Development Fund (IDF), a local CDFIA new secondary financing product from CHFA that supports preservation projects Acquisition financing from the Colorado... Read More »
A Ventas-Priority Life Care Turnaround Success
We all know that seniors housing census has pretty much increased across the board since the bottom was hit in March 2021, nearly two years ago. But the pace of that increase has been slowing. A case in point is Brookdale Senior Living’s stall in October and November, and we have not even hit the worst flu months yet, and this one is supposed to be a doozy. Late last year, after Ventas removed the operator for its Eclipse Senior Living portfolio (the former Elmcroft Senior Living portfolio) and basically shut down the management company, the REIT dispersed the management of the roughly 90 communities in 20 states across eight other operators. Maybe some old-fashioned TLC from smaller... Read More »Schedule a demo
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